RATE Group | Bitcoin’s Price Is Nearing $10K On a Single, Troubled Exchange
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Bitcoin’s Price Is Nearing $10K On a Single, Troubled Exchange

24 Jul Bitcoin’s Price Is Nearing $10K On a Single, Troubled Exchange

Posted at 17:13h in Bitcoin News by

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Crypto exchange WEX continues to see prices well out of step with the rest of the market amid the continuation of a near-total freeze on withdrawals.

As CoinDesk previously reported, customers of WEX – a kind of successor to the now-defunct cryptocurrency exchange BTC-e – have been on tenterhooks since July 12 as they’ve largely been unable to get outbound payments processed.

The only exceptions have been tether and zcash, and the price disparities suggest that some WEX users are utilizing those tokens as a way out. The normally dollar-tied tether, also known as USDT, is currently above $2 and WEX’s price for zcash (against the US dollar) is $440, or more than double the prevailing rate on the broader market.

Those look to convert their money held on WEX to zcash or tether just to get it out of the exchange must pay a steep price, according to one customer.

“If you buy zcash on Wex, you will have to sell it somewhere else much cheaper, losing up to 50 percent, as the USDT…

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